Endogenous Hazard: The Model Starts Listening to the Market
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Three articles ago I wrote that "endogeneity" was the deepest of the three critiques a derivatives-savvy reader made of my crash simulator. Two articles ago I built the margin spiral. Last article I built the dealer short-gamma spiral and ended with: "The last piece is to wire the gamma state into…
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- 2026-09-12 01:32 · DEV Community — AI
Endogenous Hazard: The Model Starts Listening to the Market